DWTX vs VATE: Correlation
How closely do Dogwood Therapeutics, Inc. (DWTX) and INNOVATE Corp. (VATE) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DWTX and VATE?
Across a 3-year window, the weekly returns of DWTX and VATE correlate at 0.48, moderate. The link has loosened recently: the 1-year correlation (-0.13) runs below the 3-year figure (0.48). Stretching to 5 years gives 0.43, with an annualized covariance of 18495.0 %².
Within DWTX's tracked universe of 18 assets, VATE comes in at #4 by 3-year correlation. The last year tells two different stories: VATE led by 95.9 percentage points, -50.1% for DWTX against +45.8% for VATE. Note the risk asymmetry: DWTX runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DWTX vs VATE: side by side
| DWTX (Dogwood Therapeutics, Inc.) | VATE (INNOVATE Corp.) | |
|---|---|---|
| 1-year return | -50.1% | +45.8% |
| 5-year return | -98.2% | -79.2% |
| Volatility (ann.) | 314.7% | 122.7% |
| Beta vs S&P 500 | 2.56 | 2.14 |
| Max drawdown (3Y) | -95.6% | -81.0% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 1.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DWTX | VATE |
|---|---|---|
| 2022 | -95.4% | -49.5% |
| 2023 | +143.6% | -34.2% |
| 2024 | -82.7% | -59.8% |
| 2025 | +67.1% | -8.5% |
| 2026 | -44.2% | +71.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DWTX and VATE good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DWTX and VATE?
The DWTX/VATE correlation stands at 0.48 on a 3-year window (1 year: -0.13, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is VATE a good diversifier for DWTX?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dwtx-vs-vate.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dwtx-vs-vate/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DWTX correlations · VATE correlations
